M&S Card - Transfer to Bank Account???

Balamory

I applied for one of these cards and have been accepted with a £5000 limit. I want to pay off a barclaycard with £3800 and I have an overdraft for £700. I cannot see anywhere on the website where it says you can transfer to a bank account.

It says you can have a cheque for 1.5% handling fee.

Is there any way I can do this for free with no charges? Sorry if this has been asked before but would be grateful of any help.

Thanks

jonesMUFCforever

1.5% of £700 is £10.50 which according to my calculations is slightly more than a month's interest on your overdraft and then you benefit from not paying any interest on your current account.
BT can be made to Barclaycard free as long as you apply within first 6 weeks of opening card account.
I think a lot of companies are getting wise to stoozing but in your case I do not think the charges are that bad. I only know of Egg that will let you transfer money to a current account free of charge.
Eric

realaledrinker

Cheques attract interest at 15.9% typical from day1.

Also BTs have to be done witin 30 days of account opening.

Opinions on here are just that - opinions. Always do your own research as well.

Some cards will refund an overpayment to your current account - no idea whether Barclaycard fall into this category if you were to BT the full £5K to them.

A better bet would be to try for an egg card, one of only two cards that will let you transfer an overdraft using a 0% BT without charge (Virgin being the other), and they are fairly quick at giving you an answer & getting the card out. Plus they have recurring 0% offers (see innumerablre other postings for more details).

Just by opinion of course.

InsuranceLiability

The M&S card can onlt be transferred direct to another credit card (which is not another M&S card) workaround options listed above

mateyboy

Balamory wrote:

I applied for one of these cards and have been accepted with a £5000 limit. I want to pay off a barclaycard with £3800 and I have an overdraft for £700. I cannot see anywhere on the website where it says you can transfer to a bank account.

It says you can have a cheque for 1.5% handling fee.

Is there any way I can do this for free with no charges? Sorry if this has been asked before but would be grateful of any help.

Thanks

Ive just applied and been accepted for the m&s card - Ive done a balance transfer to my egg card, I was told it takes 7 to 10 days to transfer, then i'm going to transfer it to my cuurent account.

houmie

HI,

Surprisingly I got my M&S credit card yesterday. I had applied for it about 2,5 weeks ago in a M&S shop.

- Well I don't know about my credit limit at all. Can I see that when I log into their website? What is their website?

- It is said, BT are allowed within first 30 days of opening. Does opening means from day of card activation (yesterday) or from day of sign up (2,5 weeks ago)?

Thanks
Houmie

InsuranceLiability

- Credit limit is on the letter that your card was attached to
- Date of account opening is the date on the letter that said your application has been accepted.


There is nothing of any use on their website

houmie

Thanks InsuranceLiability.

houmie

BTW, how can I check or change my repayment methode? e.g. if its in full or minimum payment etc?

InsuranceLiability

Ive not got that far yet. With no website this will probably be a manual payments one for me.
I Might even after go to the post box!

houmie

Do I get it right? M&S would send me a bill before the due, so I have time to pay it off. But then I decide if I would like to pay it in Full or just in rates? But then how can they be sure than I paid off the minimum of 2%?

Houmie